Fund Distribution Alert 2020-14

Fund Distribution Alert 2020-14

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Said Fihri

Partner, ADV – Investment Services

KPMG in Luxembourg

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South Africa:

Revised regulatory fees 2020 for foreign collective investment schemes

On 19 August 2020, the Financial Sector Conduct Authority (the “FSCA”) in South Africa revised its levies on financial institutions with the issuance of Notice 443 of 2020

For foreign collective investment schemes, the revision means a slight increase in the amount per fund and sub-fund which is paid in four quarterly installments. The variable amount and composition of the fee remain the same as before.

Below are the current applicable levies per quarter:

Breakdown Amount
a) Per umbrella fund ZAR 11,942
b) Per sub-fund ZAR 6,477
c) Variable based on net assets under management on behalf of South African investors 0.00031231% of the net assets under

As a reminder, these fees are payable in four quarterly installments on or before 31 July, 30 September, 31 December and 31 March of the levy year. The variable sum is calculated based on provided statistics, which is to be submitted to the Authority within 30 days after the end of the preceding quarter.

Feel free to contact us should you require additional information.

Contact

Said Fihri
Partner
+352 22 51 51 7892
said.fihri@kpmg.lu


Stephanie Zedda
Senior Manager
+352 22 51 51 7271
stephanie.zedda@kpmg.lu

Please note that any information provided is general in nature, is based on the latest publicly available information as analyzed on a best endeavor basis and does not constitute any specific legal opinion or advice.

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